Elon Musk takes control of Twitter. Wall Street sees an "Everest-like" challenge ahead.

Elon Musk, who has changed his Twitter handle to "chief Twit," late Thursday proclaimed that "the bird is freed" as he took control of the social media platform. The question now is whether the billionaire Tesla CEO can grow the business while fulfilling his vow to transform it into a bastion of free speech.

Balancing those goals will present an "Everest-like uphill battle," Wedbush analyst Dan Ives told CBS MoneyWatch, noting that he gives Musk a "less than 50% chance to really turn this around."

Musk has offered a range of statements, some seemingly contradictory, about his vision for Twitter, while sharing few concrete plans. But some of his challenges are clear, according to analysts.